Picton has bought Gloucester Retail Park for £14.6m, reflecting a net initial yield of 6.9%.
The retail park is located on Eastern Avenue and comprises four units totalling 112,000 sq ft.
The properties are leased to B&M Bargains, Carpetright, The Range and AHF.
The park produces a diversified income of £1m pa, with an average weighted lease length of 13.2 years. The average rent is under £9.60 per sq ft.
Picton chief executive Michael Morris said: “Since the start of the year we have deployed £19.5m using proceeds from our placing programme.
“We think this is an attractive entry point, recognising the income longevity and low overall rent, and believe there are a number of asset management opportunities, which should enhance income and value during our ownership.”
ESH advised Picton and Harvey Spack Field advised Pradera, the vendor.
